Stocks poised for manufacturing boost

NEW YORK (CNNMoney) -- U.S. stocks were headed for a modestly higher open Wednesday, as investors welcomed stronger manufacturing data around the world.

S&P 500 (SPX), Dow Jones industrial average (INDU) and Nasdaq (COMP) futures were up about 0.6% ahead of the opening bell. Stock futures indicate the possible direction of the markets when they open at 9:30 a.m. ET.

Manufacturing activity picked up in China, Germany, France and the United Kingdom in January, according to separate reports. Investors will also closely watch a reading on U.S. manufacturing, the ISM Manufacturing Index, due later in the morning.

Meanwhile, the other big news Wednesday looks likely to be Facebook's long-awaited IPO filing. According to reports from outlets including the New York Times and CNBC, Facebook is seeking to raise up to $5 billion in its offering.

If that number is correct, Facebook would by far be the largest global IPO by an Internet-focused company, according to data from Dealogic. Some experts have suggested that the social network could be valued between $75 billion and $100 billion once it starts trading, which will likely happen a few months after its initial filing.

Meanwhile, anxieties over Greece and its struggle to broker a debt-reduction deal with private-sector creditors continue to underpin sentiment.

U.S. stocks traded in a narrow range Tuesday, after worse-than-expected U.S. housing and manufacturing data tempered the modest enthusiasm over Europe's progress on a new pact aimed at promoting fiscal discipline.

The ISM Manufacturing Index for January is expected to stand at 54.5, up from 53.9 in December. Meanwhile, a report on December construction spending is expected to show an increase in 0.4%, versus the month prior.

Pfizer (PFE, Fortune 500)is recalling 1 million packs of birth control pills, after the pharmaceutical giant discovered that some blister packs may contain an inexact count of inert or active ingredient tablets, and that the tablets may be out of sequence. Birth control pills typically have to be taken in sequence to be effective. Pfizer shares slid 0.8%.

Shares of Tupperware (TUP) fell nearly 2% after the company reported earnings per share that fell 3 cents short of forecasts. Hershey's (HSY, Fortune 500) shares edged lower after the chocolate maker reported earnings and sales in line with estimates.

Whirlpool (WHR, Fortune 500) shares rose 5.5% in premarket trading after the company beat Wall Street expectations on both earnings and revenue.